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• Despite government commitments to hold the peg through the rest of 2024, we believe a one-time devaluation (as a first step towards removing the cepo) or acceleration of the crawling peg in Q4 2024 is likely. This underpins our forecast that the peso is likely to average ARS1,050/USD in 2024 and end the year at ARS1,200/USD.
• We forecast that

The Latest: On May 29 2024, Merck announced the acquisition of EyeBio, a clinical-stage biotechnology company specialising in ophthalmology drug development. Under the terms of the agreement, Merck will pay US1.3bn upfront and another US1.7bn contingent on achieving certain development, regulatory and commercial milestones

Latest Development: SpaceX is set to launch its direct-to-cell (D2C) service with T-Mobile in the US in Q324, connecting T-Mobile's subscribers to Starlink satellites. The announcement is significant particularly as rival AST SpaceMobile has also inked agreements with AT&T and Verizon to deliver D2C services from its satellites. Furthermore, SpaceX

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• We continue to forecast that Canada’s current account balance will improve from -0.7% of GDP in 2023 to around 0.0% this year, broadly in line with consensus expectations.
• Weakness in imports linked to a soft domestic economic outlook and strength in energy exports as the Trans Mountain pipeline becomes operational will drive the improvement

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• Malaysia's 2024 Budget introduced sweeping tax reforms aimed at stimulating local industries and channelling investment into key sectors including advanced manufacturing.
• While Malaysia's corporate income tax rate is relatively high compared to some of its Asian peers, the recent targeted investment incentives will improve the market's

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• Declining inflation and stable remittances will continue to underpin economic growth in El Salvador.
• A stable US labour market has provided an important tailwind to El Salvador in this respect, even if stickier inflation has prevented the Federal Reserve from beginning to cut interest rates, which could lead to stronger growth in El Salvador

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• We forecast that the Central Bank of Kuwait will lower its benchmark policy rate by 50 basis points (bps) in H2 2024, less than the 75bps cuts that will be carried out by the US Federal Reserve. 
• The elevated policy rate in H2 2023 and H1 2024 – the highest since 2006 – paired with lower global food prices, will lead to a lagged slowdown in

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• The Infocomm Media Development Authority (IMDA) of Singapore has developed a comprehensive Green Data Centre Roadmap to steer the growth of data centres in a sustainable direction, while setting a target of 300MW to be allocated in the near-term for future IT load.
• We believe it is unlikely that the initiative will rekindle large-scale

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• Following growth of 5.7% y-o-y in Q1 2024 which was an acceleration from 4.0% in Q4 2023, we expect the Turkish economy to move onto a slower growth path over the next several quarters. 
• Due to the strong performance in Q1 2024, we have had to revise up our full-year growth view for 2024 from 0.6% to 2.7% but this is still a notable slowing